Precision Optics Posts Revenue Increase, Loss Decrease
GARDNER, Mass., May 21, 2013 — Optical instruments developer Precision Optics Corp. Inc. posted higher revenue and a decrease in losses for the third quarter ending March 31, as sales of its medical device products increased.
The company reported third-quarter revenue of $655,341, compared with $382,264 for the same period last year, representing an increase of 71.4 percent. The company attributed the increase to ongoing sales of previously developed and newly designed products, most of which are used for medical applications.
“We continue to see strong interest in our Microprecision lens technology, particularly in connection with CMOS sensor-based single-use medical endoscopes,” said President and CEO Joseph N. Forkey. “It is now clear that demand for these types of medical devices is developing quickly and that we are well positioned to play a pivotal role in this market based on our proprietary microlens and optical assembly technology.”
Operating loss for the quarter was $349,994, compared with $490,890 for the same period laser year, representing an improvement of $140,896. The decrease in operating loss was attributed to higher gross margins as a result of higher unit sales volumes.
The company ended its third quarter with $1.3 million in cash, bolstered last year when it raised $2.2 million in a private financing round. (See: Precision Optics to Raise $2.5M in Stock Sale)
For more information, visit: www.poci.com